5 Quick Tips To Sell Your House Fast in Syracuse NY
So you made it to this post.
I take it that you are on the search to find out how you can sell your house fast and speed up the process from selling to close.
Speed of closing should be appealing to every homeowner looking to sell their property due to new closing regulations that have been issued.
According to the banks:
"more than 75 percent of banks say loan closings have been delayed due to new mortgage rules that took effect last fall"
In the old days you used to be able to complete a closing with a buyer who needs financing from a bank in about 30 days.
In today's day and age with the new bank regulations and the current state of the market, we are looking at a minimum of 60 days to close on your home. This is according to my attorney Mr Mark Farchione "the minimum you will see a closing complete, from start to finish will be 60 days and that is if everything goes perfect, honestly we are looking more towards 90 days and that is across the board"
Remember during this period of time, we still have to pay our mortgage, utilities, taxes and insurance. The costs can add up if you are sitting on the sale of your home for 6 -12 months.
Let’s go over a simple scenario if you were to sell your house using a real estate agent.
1) You find your realtor and decide to list your property
2) Your property is not in great condition, as you need to make some repairs to the home but you would rather sell your property as is.
3) Let’s say it takes your real estate agent 3 months to list, market, and put your property under contract. (90 days is the average days on market in Syracuse NY)
4) From the time the purchase contract gets into the hands of the title company till you get your check will be at a minimum 2-3 months.
5) So it took 6 months to sell your home. Let’s go over the costs associated with this holding period.
Taxes - 350 x 6
Insurance - 125 x 6
Utilities - 400 x 6
Mortgage - 700 x 6
6) On the sale of the property, you will have to pay 7% commissions, let’s say you end up selling for $110,000
7) When you actually close you will be required to pay closing costs. Typically about 3-4 % of the sales price.
So what is the actual amount that you will net from the sale?
110,000 - 9,450 - 7,770 - 4,440
Now, lets remember this is the average length a home sits on the market and the average amount of time it will take for a home to close from listing to transfer of title.
5 Tips To Eliminate The Hassle And Sell My House Fast in Syracuse NY
1) Contact A Real Estate Investment Firm - If speed and terms of the sale are seen as a benefit to you, then finding a real estate investment firm who purchases homes in cash is a great starting point. These real estate investment firms will be looking for a discount on the property in return for the beneficial terms they offer.
No closing costs
No commissions on the sale
No additional repairs
Closings in 14-21 days
From our basic case study above, we learned that in actuality you will achieve a similiar net profit from the sale of your home through an agent compared to the sale of your home to a real estate investment firm.
2) Be Realistic on the Price - When it comes time to sell your home, you should take the time to understand what other properties in your neighborhood have sold for that are in similar condition, offer similar amenities, similar style & features. This would consist of running a comparable market analysis to compare your subject property to other similar properties in your area. The absolute worst thing you can do when your selling your is to price it to high. By listing your house to high, you will turn off several prospective buyers before they can even take a closer look at the home.
3) Understand The Process Of Selling To A Cash Buyer - The last thing you want to do is contact a real estate investment firm and try to sell your property at or above retail value. If you are trying to sell your property for full market value, then you should list your property with a real estate agent. The main reason that real estate investment firms exist is to make a profit. So let's go over a quick example of how a real estate investment firm will evaluate how much they can offer you for their home.
1) They will determine the After Repair Value or full market value of your home
2) They will calculate the repair costs involved in adding value to re sell your property for full market value
3) They will calculate how much it will cost them to hold the property. This entails how much the taxes, utilities, insurance and commissions will be on the sale.
4) They will calculate the closing costs for both the purchase and sale of the property
5) They will determine based on the after repair value, what % of profit they need to make.
The formula looks like this:
ARV - Repair Costs - Holding Costs - Closing Costs - Profit = Maximum Purchase Price
By understanding this formula, you will have a better idea of what price real estate investors will be able to offer you for your property.
4) Determine The Best Selling Option For Your Specific Situation - If you want to sell your house fast in Syracuse, we want you to understand all of your options for selling and give you the opportunity to decide which strategy will benefit you and your family the most. When it comes to selling your property, you have three different options. These options are:
1) Selling with a real estate agent - This option is most beneficial for homeowners with homes that are in good to great condition and the homeowners are in no rush to sell.
2) Selling for sale by owner - This option will benefit homeowners who have little to no equity in their home and are looking to save on commissions.
3) Selling to real estate investment firm - This option will benefit homeowners who need to sell their house fast with great terms and are willing to take a discount on the sale of their home.
So take some time to educate yourself on the selling process and see which option works for your specific situation.
5) Understand what your underlying goal is for the sale - What put you in the position for you to sell your home? Your underlying goal of the sale and purpose of the sale will determine the route you should take. Typically, when selling your home, you can experience many bumps in the road. From find a buyer, to the inspection, to the appraisal, to the closing process there can be several hiccups over the course of the sale.
If you have just lost your job, are unable to pay your mortgage and are behind on your taxes. Be aware of what selling option will be best for you.
If you just got a promotion, have lived in your home for 10 years, have equity in your house and are looking to upgrade to a bigger and better house. You will probably be looking for full market value for your house, so understand the process of selling with a real estate agent.
So know what your goal is when you decide to sell and be realistic with that goal.
Wrapping Up How To Sell Your House Fast In Syracuse NY
So now that we understand all of the options you have to sell and which options will benefit your situation, we hope that we gave you enough information on the process so you can decide which vehicle will benefit you the most. Selling your house fast to a real estate investment firm does over several unique benefits to homeowners who are in need of selling their property with speed due to some underlying cause.
If you are in the market to sell your house and are considering selling to a real estate investment firm, we would love to provide some assistance with the sale. We will walk you through the process and make you a fair no obligation cash offer on your home.
HS Property Funds
Funds to Help, Problems to Solve